Essex Property Trust (NYSE:ESS) Rating Increased to Overweight at Piper Sandler


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Essex Property Trust (NYSE:ESS) was upgraded by equities researchers at Piper Sandler from a “neutral” rating to an “overweight” rating in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a $320.00 price target on the real estate investment trust’s stock, up from their previous price target of $265.00. Piper Sandler’s price target would suggest a potential upside of 10.54% from the stock’s previous close.

A number of other brokerages have also issued reports on ESS. Royal Bank of Canada started coverage on Essex Property Trust in a research report on Tuesday, March 30th. They set an “outperform” rating and a $303.00 price target for the company. Evercore ISI raised Essex Property Trust from an “in-line” rating to an “outperform” rating in a report on Wednesday, January 20th. Raymond James reissued a “sell” rating on shares of Essex Property Trust in a research report on Tuesday, February 23rd. KeyCorp upped their price target on Essex Property Trust from $277.00 to $300.00 and gave the company an “overweight” rating in a research report on Wednesday, March 17th. Finally, BMO Capital Markets raised Essex Property Trust from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $275.00 to $310.00 in a research report on Monday, April 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the stock. Essex Property Trust currently has an average rating of “Buy” and an average target price of $278.63.

NYSE:ESS opened at $289.49 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 3.14 and a quick ratio of 3.14. The firm has a market cap of $18.82 billion, a PE ratio of 31.71, a P/E/G ratio of 7.69 and a beta of 0.79. The firm has a 50 day simple moving average of $276.19 and a 200-day simple moving average of $246.73. Essex Property Trust has a 1-year low of $186.30 and a 1-year high of $294.79.

Essex Property Trust (NYSE:ESS) last released its quarterly earnings results on Thursday, February 4th. The real estate investment trust reported $1.47 EPS for the quarter, missing the consensus estimate of $3.12 by ($1.65). Essex Property Trust had a return on equity of 9.46% and a net margin of 39.89%. During the same period last year, the business earned $1.95 EPS. As a group, sell-side analysts expect that Essex Property Trust will post 12.91 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Truist Financial Corp lifted its stake in Essex Property Trust by 221.3% during the fourth quarter. Truist Financial Corp now owns 48,266 shares of the real estate investment trust’s stock worth $11,459,000 after purchasing an additional 33,242 shares during the last quarter. Pensionfund DSM Netherlands boosted its position in shares of Essex Property Trust by 3.9% during the 1st quarter. Pensionfund DSM Netherlands now owns 17,145 shares of the real estate investment trust’s stock worth $4,661,000 after purchasing an additional 645 shares in the last quarter. KBC Group NV boosted its position in shares of Essex Property Trust by 4.1% during the 4th quarter. KBC Group NV now owns 16,013 shares of the real estate investment trust’s stock worth $3,802,000 after purchasing an additional 626 shares in the last quarter. LPL Financial LLC lifted its position in shares of Essex Property Trust by 478.1% during the 4th quarter. LPL Financial LLC now owns 14,991 shares of the real estate investment trust’s stock worth $3,559,000 after buying an additional 12,398 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Essex Property Trust by 5.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 97,780 shares of the real estate investment trust’s stock worth $23,215,000 after purchasing an additional 5,053 shares during the last quarter. Institutional investors and hedge funds own 95.40% of the company’s stock.

About Essex Property Trust

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

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Analyst Recommendations for Essex Property Trust (NYSE:ESS)

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